Dry Cargo trade is 4% above last February, which was the absolute bottom of the market. Whilst this is not a major come back, it is still a reflection of positive growth. This year is already stronger than 2019 and 2020. With typical February negatives considered, Dry Cargo trade is down by 10% month-on-month compared to January.
Commodities hit hardest are Iron Ore and Agriculture, but both are still much higher than they were during last year’s February. Month-on-year increases include 7% for Iron Ore and 11% for Agriculture.
Coal is 2% below this time last year. Despite this, quarter one looks as though it will be 5% higher on average compared to 2020. This growth indicates positivity in the dry bulk segments and increased freight rates.
Ores and Minerals are showing a 2% month-on-month growth in February compared to January. This is mainly down to Bauxite, which showed a monthly trade of 13.5 million tonnes. This is up from January’s 11.7 million tonnes. These levels are fairly high after a reduction in the final quarter of last year.
Grains continue to do exceptionally well. Wheat exported in February reached 15.6 million tonnes. February last year registered just 13.4 million tonnes. Maize is also higher compared to last year. Soya Bean trade has remained largely stable. Early March data for Brazilian Soya Bean exports shows a stronger month compared to this time last year.